PLPL SEATTLE, WA--(Marketwired - Sep 24, 2013) - Plandaí Biotechnology, Inc. (OTCQB: PLPL ), a producer of highly bioavailable plant extracts for industries including health, wellness, nutriceutical, and pharmaceutical, today announced that it has sold an exclusive license to Oasix, Inc., a Canadian company that develops and markets skin care products and also operates the Oasis Skin Institute in Alberta, Canada. Under the terms of the license, which calls for an initial payment of $500,000, Oasix will have the right to develop and market cosmetic products using Phytofare™ Pheroid™ Topical Catechin Complex ("ph 2TM "), a new topical cream developed using the nano-entrapment technology recently licensed by Plandaí.
The Pheroid™ technology, developed by North-West University in Potchefstroom, South Africa, allows Phytofare™ particles to be entrapped and produced into a topical cream that should significantly enhance tissue absorption. Oasix initially plans to market the ph 2TM Topical Catechin Complex as an anti-aging and sun-protectant cosmetic product.
Roger Duffield, Chairman and Chief Executive Officer of Plandaí Biotechnology, commented, "We are excited to have a partner of the professional caliber of Oasix, headed by Dr. Eugene Magerman, MD, co-founder of Oasis Medical Centers and the Oasis Skin Institute, who brings to the table vast medical experience in the cosmetic arena. This agreement gives us a firm commitment for product sales as soon as the final testing is complete and our production facilities come online in early 2014. It also serves to validate the years of research necessary to finally bring products to market that promise to forever impact our views on medical care and better health through natural solutions."
The five-year license is limited to ph 2TM Topical Catechin Complex for cosmetic uses in Canada, the US, South Africa and Nigeria. Oasix is also required to purchase annual minimum quantities of ph 2TM Topical Catechin Complex from Plandaí. The payment terms include an up-front payment of $250,000, which has been received, with the balance due on completion of the clinical trials currently underway at North-West University.
